- Signature Resources (SGU) has raised a total of C$2 million to fund exploration work at its Lingman Lake Gold Project in Ontario
- The company issued roughly 22.8 million units at a price of $0.05 each and roughly 14.2 million flow-through units at a price of $0.06
- Resources are now being deployed in a number of areas, including the purchase and refurbishment of equipment that is currently being sent to site
- A more in-depth exploration update is expected to be released once final budgets have been approved
- Signature Resources is currently down 10 per cent to $0.14 per share
Signature Resources (SGU) has raised a total of C$2 million to fund exploration work at its Lingman Lake Gold Project in Ontario.
Under the terms of the placement, which was originally announced on November 9, the Toronto-based company issued roughly 22.8 million units at a price of $0.05 each and roughly 14.2 million flow-through units at a price of $0.06.
Each units is comprised of one common share in Signature and one common share purchase warrant, while each flow-through unit consists of one flow-through common share and one-half of a purchase warrant.
Each of these whole warrants will be exercisable at a price of $0.10 per share until December 4, 2021.
In connection with the offering, the company paid a finder’s fee to certain parties totalling $43,481 in cash and 832,557 share purchase warrants.
With the financing now complete, Signature is in the process of deploying resources to a number of areas, including the purchase and refurbishment of equipment that is currently being sent to site.
“The intention is to establish additional infrastructure that will be used for this winter’s drill campaign and beyond to capture economies of scale,” said Robert Vallis, President and CEO of Signature Resources.
“With the anticipated success of this winter’s program, we hope to be in a position to announce a more aggressive drilling campaign for the spring/summer,” he added.
A more in-depth exploration update is expected to be released once final budgets have been approved.
Consisting of 622 staked claims, four free-hold patented claims and 14 mineral rights claims, the Lingman Lake Project covers approximately 12,148 hectares and hosts a historical resource estimate of 234,684 ounces of gold.
Signature Resources is currently down 10 per cent to $0.14 per share at 11:40am EST.